Consumer credit grew at an annual rate of 7-1/2 percent in July, up from a 6 percent rate in the second quarter. In July, revolvingcredit expanded briskly while nonrevolving credit posted a moderate gain.

1. Covers most short- and intermediate-term credit extended to individuals, excluding loans secured by real estate.2. The series for consumer credit outstanding and its components may contain breaks that result from discontinuities in source data.Growth rates are adjusted to exclude the effect of such breaks.3. Percent changes calculated from unrounded data.4. Comprises automobile loans and all other loans not included in revolving credit, such as loans for mobile homes, trailers, orvacations. These loans may be secured or unsecured.5. Interest rates are annual percentage rates (APR) as specified by the Federal Reserve's Regulation Z. Interest rates for new-car loansand personal loans at commercial banks are simple unweighted averages of each bank's most common rate charged during the first calendarweek of the middle month of each quarter. For credit card accounts, the rate for all accounts is the stated APR averaged across allcredit card accounts at all reporting banks. The rate for accounts assessed interest is the annualized ratio of total finance charges atall reporting banks to the total average daily balances against which the finance charges were assessed (excludes accounts for which nofinance charges were assessed). Finance company data are from the subsidiaries of the three major U.S. automobile manufacturers and arevolume-weighted averages covering all loans of each type purchased during the month.6. Outstanding balances of pools upon which securities have been issued; these balances are no longer carried on the balance sheets ofthe loan originators.7. Includes estimates for holders that do not separately report consumer credit holding by type.r=revised. p=preliminary.